bodyType

customContents

entityId

entityUuid

articlePageQuery

filter

article

articleBaseAdvertisingInfoArticle

articleListArticle

articleSeoArticle

hooksArticleAcknowledgementGateOverlayArticle

hooksTrackPageViewArticle

hooksContentInterestArticle

articleLinkingDataContent

hooksAmpRedirectArticle

articleSchemaContent

liveArticle

advertZone

sentiment

contentLock

topics

types

sections

paywallTypes

createdDate

publishedDate

sponsorType

urlAlias

moreOnThisArticles

commentCount

authorLocations

authors

corrections

displaySlideShow

multimediaEmbed

printHeadline

seriesContainer

articleSpeeches

socialHeadline

headline

images

flag

firstTopic

glossary

flattenTypeIds

image

relatedLinks

relatedNewsletters

__typename

sponsor

pdfFiles

seriesReverseOrder

series

disableOffPlatformContent

published

updatedDate

summary

subHeadline

body

keywords

readingTime

customTimezone

liveContents

SCMP Reporter

Single-block residential buildings are filling a niche for single people and young couples looking for luxury living in prime locations.

'Many single-block residential developments have been made into luxury accommodation in the city in recent years and have been popular among singles and young couples,' Centaline Property Agency senior research manager Wong Leung-sing  said.

'Prime locations are often key to their success, while solid rental yields are interesting investors.'

He said many recently built luxury single-block developments were originally planned as commercial buildings but were turned into residential sites because of a lack of demand for commercial space.

Successful examples included No1 Star Street in Wan Chai and Manhattan Avenue in Sheung Wan, which had attracted financial professionals working in Admiralty and Central.

Happy Valley and West Mid-Levels were also popular districts for luxury single-block developments, property agents said.

Three developers are launching new single-block residential projects this month.

Nan Fung Development on Monday started internal sales of its La Place De Victoria in North Point. It consists of 192 apartments of 500 to 1,200 sqft selling for an average of $7,000 per sqft.

Over the weekend, Chow Tai Fook launched its 64-unit residential block Grand Villa in Tin Hau at an average of $7,300 per sqft. The development consists of flats from 569 sqft to 2,204 sqft.

Blue-chip Henderson Land Development will launch The Platinum in Mongkok this month. The project has 71 flats of 309 sqft to 693 sqft.

The  company plans to sell the smallest units for less than $1.6 million each, or about $5,000 per sqft.

Henderson Land general manager Tony Tse Wai-chuen  said single-block residential developments had different characteristics to attract buyers and tenants, such as location.

'If you want to live in new building in the middle of a neighbourhood surrounded by the dynamics and the buzz of Hong Kong's most popular shopping districts, there are not many options to go for,' he  said.

Agents said single-block buildings were usually more tolerant of occupiers keeping pets.

While single-block buildings had appealing features, agents said buyers and tenants should be aware of low efficiency rates and expensive management fees.

Midland Realty assistant sales director William Lau Man-wa  said: 'Because these buildings have fewer flats per floor owners would need to pay higher management fees than [those charged at] mass housing estates.

'Many single-block buildings do not have popular facilities such as clubhouses.'

Agents said single-block buildings usually had efficiency rates of between 60 per cent and 70 per cent, compared with between 70 and 80 per cent in mass housing estates.

Mr Lau said the sales potential of flats in single-block buildings might not be as strong as that of large housing estates because there was no benchmark for that type of building, whereas  that for mass housing was well established.



Single-block flats fill market niche